Automatic coin dispensers are widely used in the banking, retail and commercial industries. For example, coin dispensers facilitate cash transactions between tellers and customers at banks. Coin dispensers also facilitate cash transactions between employees and customers at grocery and department stores, retail shops, amusement parks, and gas stations. In the retail setting, coin dispensers typically communicate with a cash register, which is manually operated by one or more employees. When the customer gives a particular denomination of money to the employee, the register is manually operated and then communicates with the coin dispenser to provide the appropriate denomination of change to the customer.
Known automatic coin dispensers include the type having a removable panel tray or magazine for holding a series of adjacent stacks of coins. Beneath each of the stacks of coins is a dispensing mechanism, typically a “kick finger”, which dispenses the bottom-most coin into a central trough that feeds into a customer collection cup. Panel-type coin dispensers usually employ two rows of each coin type, with extra rows of pennies to ensure adequate supply.
Another known type of automatic coin dispenser is the type having a revolving removable carousel or magazine mounted to a rotating turret. The revolving carousel holds a circular series of stacks of coins. The turret is selectively automatically rotatable to rotate the carousel such that a desired stack of coins is positioned above a single dispensing mechanism, usually a kick finger. The dispensing mechanism discharges the bottom-most coin in the stack of coins into a customer pick-up tray. In any particular change-giving event, the turret rotates selected coin stacks above the dispenser, in turn, to discharge a selected number of each denomination of coin, for example different combinations of quarters, dimes, nickels and pennies. This type of coin dispensing machine is manufactured by DeLaRue International Ltd. and sold under the model name Insta Change.
During a typical business day, it is often necessary to determine the total value of coins held by the coin dispenser. For example, in a typical day a number of different employees operate the same cash register. At the end of each employees' shift, it is desirable to determine the amount of coinage in the dispenser prior to the next employee beginning their shift. This is often required to ensure that the proper change was given during the previous employee's shift, to track inventory and profits, and to ensure that no theft is occurring.
However, a particular problem associated with known automatic coin dispensers is that at any particular time, it is difficult to determine the total value of coins held by the coin dispenser. Currently known methods for valuating the inventory in the coin dispenser include providing a series of markings along coin tubes that house the stacks of coins. According to this method, a user visually inspects each coin tube and compares the height of coins to the markings on the coin tube, and then manually calculates the total value of coins held by the coin dispensing machine. This method is both time consuming and can lead to inaccurate coin value determinations.
Another solution to this problem is an automatic coin counting machine, which automatically counts the value of a series of coins. However, know coin counting machines are typically expensive to manufacture, are labor intensive as they require additional operators, and require additional processing steps typically performed in separate “coin counting rooms”. Another drawback to known coin counting machines is that by increasing the number of individuals handling the inventory, the possibility of theft is increased.
Therefore, there is currently a great need for a more efficient system and method for determining the number and value of coins in an automatic coin dispensing machine. It is desirable to provide such a system and method which solves the many problems associated with known valuation systems and methods. It is desirable to provide such an improved system and method which eliminates inaccurate valuations. It is desirable to provide such a system and method which is efficient and eliminates waste of valuable labor time. It is desirable that such an improved system and method limits the number of individuals handling the coin inventory, to thus deter theft.